Rumor has it that the company lost as much as 2.9 billion yuan
from overseas investment, and that its chairman Wang Dongming was
taken away for investigations, leading to a cross-border decline
in brokerage business

China's leading brokerage CITIC Securities (CITICS) denied a
rumor that its chairman Wang Dongming was taken away by police
for investigations and it failed to disclose huge losses overseas
on Monday, when its shares slumped nearly to the daily limit of
10 percent.

"The rumors are all unfounded," said company secretary Zheng
Jing, "We are also seeking for reasons for the nosedive; however,
the company recently has nothing that should be disclosed but it
didn't."